The Chicago-based brewer, which includes a brewery and corporate office in Milwaukee, reported net income of $291.2 million for the period ending March 31, a 7.1% increases from $271.9 million from the year-earlier period.

The company's revenue was $2.05 billion, down 0.05% from $2.06 billion.

MillerCoors continued to gain market share in category of higher-priced beers, such as Miller Fortune and Redd's Apple Ale, said Chief Executive Officer Tom Long. But the company's performance in the premium light beer category continues to face challenges, Long said in a statement. Coors Light and Miller Lite are the company's two largest-selling brands.